At December 31, 20X1, Lopez Corp. has a note payable balance of $80,000. This note was originally issued on December 31, 20X1, and will be paid back in installments over a five-year period. $12,400 of the outstanding amount of $80,000 on December 31, 20X1, will be paid back in 20x2. Question: How should this note be classified in the liability section of Lopez's balance sheet at December 31, 20X1? Select one: a. The full $80,000 should be classified in the long-term liability section. b. $67,600 should be classified in the current liability section, and $12,400 should be classified in the long-term liability section. c. The full $80,000 should be classified in the current liability section. d. $12,400 should be classified in the current liability section, and $67,600 should be classified in the long-term liability